Adnoc Expands LNG Tanker Fleet to Boost Global Trading Ambitions - Bloomberg
Abu Dhabi National Oil Co.’s shipping arm plans to order as many as six liquefied natural gas tankers as the state producer accelerates its push into global gas trading.
Adnoc Logistics & Services Plc will likely commission four to six vessels to support the group’s expanding international business, Chief Executive Officer Abdulkareem Al Masabi said in an interview Wednesday. The order would come in addition to 14 LNG carriers already contracted to serve export projects in the United Arab Emirates.
The fleet expansion underscores Adnoc’s broader effort to build a global gas portfolio. The company’s international investment arm, XRG, has been acquiring stakes in gas fields and export projects abroad while signing supply agreements, as the UAE seeks to position natural gas as a pillar of its economic growth strategy.
The new tankers will be ordered this year, Al Masabi said without disclosing the potential cost. Expanding the fleet would give Adnoc greater flexibility to market cargoes internationally rather than relying solely on long-term contracts.
Separately, Adnoc L&S is adding vessels to handle rising domestic export capacity. The company will take delivery of two LNG carriers this year — adding to four already received — to transport gas from Abu Dhabi’s existing export terminal at Das Island. A further eight ships will serve the Ruwais LNG terminal under construction on the Gulf coast, which is scheduled for completion in 2028.
Al Masabi also said tensions in the Red Sea have “calmed down,” though the route remains sensitive after months of attacks by Iranian-linked Houthi forces prompted many shipping companies to avoid the area. Some operators have recently resumed or increased voyages through the corridor.
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